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It’s a question with million answers when you look at different angles, but when you converge them through the lenses of data science, you get only three entities based on which there are several answers.
They are deep research, recognizing the hidden patterns, and forecasting the future. Anyone who tries to understand data has to go through these three steps to find new opportunities.
This blog will learn about how data science is changing the world and making it a better place for living by using various examples from real-time industry use-cases.
Why is Core Data Science Based on Only These Three Entities?
Data Science works in multiple steps, from extracting data to analysis and data processing to understanding the data patterns and predicting the future; you can see immense applications. We have indicated how dangerous the corona Virus is with the advanced application of artificial intelligence and machine learning, how it can end the life of humans simply by multiplying.
The whole Arogya Setu app on the play store works using machine learning and artificial intelligence that learns about you by asking some relevant questions. On the other hand, you can register for vaccinations, schedule, check the availability of vaccines, and track the cases based on recent data. It means it pulls the whole thing from a different server and shows you.
So What Does The Aarogya Setu App Do?
It collects the data from you by some of the predefined questions, asks you to put on the Bluetooth and locations to analyze the current situations and whoever you come across with, and then predict whether you are safe or infected.
Now, you already have an idea of why we need data or how it can help drive successful vaccination, being the second-most populated country in the world.
In the 21st Century, Let’s Analyze How Data Science is Changing The World.
Industries Are Getting Data-Centric; Data Is The New Currency of the 21st Century.
Businesses are focusing more on data to understand their customer, analyze the market’s ongoing trends, and predict future conversions. One of the best examples is the eCommerce industry.
Think about a moment, what would have been the case if they didn’t exist during COVID peak times, where almost all shops were closed?
They saw humanity suffering, but if they add simple tweaks to their business, they can make massive sales even in the pandemic. And added an extra layer of security to their business with a tag ‘no contact delivery’ and made a whopping $26.7 trillion worldwide during such recession time.
Battling with Global Warming and Rise of Temperature
Have you heard about the recent news that Dubai’s capital city Abu Dhabi, the wealthiest city on the planet, used artificial rainfall to cool down the entire town when the temperature rose to 50 degrees celsius? Dubai is the land of dessert, and to rescue from the scorching heat, the government used cloud seeding to create artificial rain and save from drought.
This advanced technology takes half an hour to produce rainfall. The potassium iodide or dry ice absorbs the cloud from the atmosphere through a helicopter or plane, leading to massive clouds and then rain.
Though this method is costly, it has many side effects, acid rain and increasing carbon dioxide. But it can be a life savior, too, when used in the right way.
Data Science Helps Marketer Towards Better Marketing
From customer segmentation to accurate data analytics for understanding what customers need, prospecting and persuading are super easy.
This analysis helps businesses and marketers to know about the customers in-depth and finds a better way to target and convert them into customers. React and respond immediately to solve their queries and enhance customer experience.
On the other hand, intelligent tools help businesses to understand market demand, forecast future sales, and make it easy for recommendation engines to push similar products based on previous purchases.
Data Science in Investment and Banking Industries
Trading is the most happening trend of the 21st century. It helps to know the financial ecosystem very well.
It tracks every trade made from multiple AI-powered apps available on the app store, and when added to the watchlist, it even gives the fluctuations about a particular trade. With that data in mind, one can quickly start a SIP, buy shares, and get high returns compared to banks.
One of the best applications to UPI is if you use PhonePe, now you can have fewer failure chances to any transaction happening. You can create multiple UPI-id based on the banks and carry out your translation even when the server of your prime bank is down.
The PhonePe tracks each translation; whenever there is an unsuccessful transaction, the sum is credited back to the sender’s account. Imagine PhonePe has millions of customers like you, and more than a thousand are doing transactions simultaneously.
How does it track everything? The answer is they are just data science things with the power of machine learning and artificial intelligence.
The application of data science is enormous, now grossing into every sector for its results. Without data tracking, the spreading of COVID has been a different case and success of the e-commerce business model.
Abu Dhabi couldn’t have successfully conducted cloud seeding, and there would not have been better marketing and conversions that customers love when interacting with personalized messages.
Stocks and trading wouldn’t have been possible for everyone, like how UPI and PhonePe are common apps to every mobile device. It is how data science is making the world a better place to live.
You learned about the most recent happening or updates that are always trending; there are others too. Let’s know which of these made you crazy about data science?